Competitor Profile: Chime

Competitor Profile: Chime

Summary

This report provides information and insights on Chime, including details of its business and performance; comprehensive coverage of its products and services; a comparative assessment of its main competitors; and key events and milestones in the company's history.

Chime is a digital-only bank that was founded in 2013 by Chris Britt and Ryan King. The company’s principle activity is to provide mobile retail banking services in the US. Chime is targeted at young consumers who have low incomes. Its core product is the Chime mobile banking app, available on both the Google Play store and Apple’s App Store. The app offers instant transaction alerts, mobile cheque deposits, and the ability to transfer money.

Scope

- In June 2015, Chime introduced a service allowing users to receive their salary two days early.
- In September 2018, Chime acquired credit score company Pinch.
- In March 2019, Chime received $200m in funding.

Reasons to buy

- Gain insight into Chime’s business operations and key events.
- Learn about its product portfolio and the key themes the company focuses on.
- Assess the competitive dynamics in the retail banking industry by comparing Chime’s performance against competitors.